What's the diffidence between collecting gold and investment gold and the impact on benefits?

HillStreetBlues

Grumpy_chap said:

There must be some guidance or case law around this and the deprivation of capital.

I am not sure the caravan is a good example to compare with the OP's coin collection - because caravans typically depreciate in value.

I am not sure the sports car is a good example to compare with the OP's coin collection - because the sports car probably requires far more than £6k or £16k to acquire in the first place.

The OP seems to be suggesting that if the capital rises to, say £5.5k and the expectation is that the capital will rise to over £6k in the following AP, then the option might be there to buy a gold coin at value of £2k, thus keeping well below the £6k threshold.

The suggestion is that the gold coin is now a "personal possession" and not savings.  

If an individual with the same circumstances (£5.5k and expecting to breach £6k) needed a new watch, then a Timex would be very reasonable.  A Rolex would possibly be deprivation of capital.  Exactly that was discussed here:
https://forums.moneysavingexpert.com/discussion/6240337/what-can-benefit-savings-be-spent-on/p1

The Rolex would also now be "personal possession".

Further, is the gold coin deemed to be cash?  Cash would be capital.

DoC is a different matter. Buying coins to get under £6k can (and most likely) be DoC, but if OP has stayed under £6k the DoC isn't possible.
A gold coin would only be cash value is it legal currency, EG a rare 50P  would be counted as 50p even if it's value is many times that.

A personal possession value doesn't matter, a person could have a Rembrandt hanging up and it still wouldn't be counted.

huckster

@willywonder

Have you spoken to your Deputyship about your finances and benefits if you are in a position where you have so much spare money you are buying gold coins.

Previous thread link below

Because I have a deputyship at social services are UC likely to ask for bank statements? — MoneySavingExpert Forum https://search.app/VVNNgjJCsB32PMUu7

Dazza1902

I think this post is a deliberate attempt to rub tax payers up the wrong way, perhaps we shouldn't give him oxygen.

marcia_

Dazza1902 said:

I think this post is a deliberate attempt to rub tax payers up the wrong way, perhaps we shouldn't give him oxygen.

 Same, they do it all the time. "Do I have too much money" "is it ok to have 4 holidays" now claiming to have gold and trying to get out of declaring it. 

huckster

May be these posts from the OP should be reported.

Genuine concerns about the OP's position as if what they post about is true, they may face benefit investigations and review. Which could lead to them losing benefits and being prosecuted for suspected fraud.